Tech Layoffs in 2024: KPMG, Intel, Dell, Luminar and Others Reduce Hundreds of Employees This Year, So Far 1.49 Lakh People Affected

Mumbai, December 1: In 2024, tech layoffs were significant as they impacted lives of thousands of employees. The year has been challenging for some employees and companies in the technology sector. The companies like Intel, Dell, Cisco, IBM and others have announced layoffs of thousands of employees for various reasons.

So far, the tech industry has lost 1,49,006, according to data offered by Layoffs. Fyi, a job cuts tracking website. The website listed 519 companies that reduced their workforce. KPMG layoffs were announced this year, affecting 330 positions from the US audit team. It reduced 4% of the workforce from the company with 9,000 audit employees. KPMG Layoffs: British Multinational Accounting Firm To Lay Off 4% of Its US Workforce To Align Workforce’s Size, Shape and Skills With Market Needs.

Intel and Dell announced they would cut over 15,000 and 12,500 people, respectively. Luminar, a significant supplier of LiDAR and automotive tech-related products, announced layoffs of its 30% workforce. Computer software company Oracle announced the layoffs of hundreds of people. Schaeffler, an automotive company from Germany, announced laying off around 4,700 employees across Europe amid witnessing a 50% decline in operating profit.

Freshworks and Bosch, another two companies, also laid off hundreds of workers this year. Freshworks layoffs affected 13% employees from its workforce. Bosch layoffs, announced last month, were set to affect nearly 7,000 employees from the global workforce. KPMG laid off around 4% of the workforce to align with market needs. Besides, Samsung, Mozilla, X, Qualcomm and X also reduced significant workforce. 

Nissan cut 1,000 jobs, and Ford announced that it would let go of 4,000 jobs. AMD, struggling amid the rise of AI chipsets and other companies, decided to let go of 1,000 people as a part of streamlining operations. Recently, reports suggested that HSBC Holdings, one of the biggest financial companies and banks, asked its employees to re-apply for new roles in separate departments formed by CEO Georges Elhedery; Volkswagen announced layoffs of thousands of people along with offering 10% less salary and shut down three of its plants. Tech Layoffs 2024: Samsung, Mozilla, X, TikTok, Qualcomm and Others Significantly Reduce Their Workforce This Year, Thousands of Employees Lose Jobs.

Overall, this year, the tech layoffs affected several hundreds impacting their lives. The layoffs were triggered by the company's poor financial performance, AI adoption and restructuring efforts. Some of the company failed to compete in the market with rivals and decided to save costs for some other purpose. 

(The above story first appeared on LatestLY on Dec 01, 2024 12:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).